Reprinted from AIRM thread. This is one reason the Amigos REALLY like AIRM. This post is by Elliot Lepler and reprinted with his permission.
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Air Methods just filed their proxy statement with the SEC. You may find it on any
EDGAR site.
I want to point out a very significant detail. Under compensation, there is a note about
the CEO, George Belsey:
"COMPENSATION OF THE CHIEF EXECUTIVE OFFICER. Mr. Belsey assumed
the
Office of Chairman and Chief Executive Officer of the Company on June 1, 1994.
In determining the compensation to be awarded to Mr. Belsey for his services to
the Company, the Committee considered salaries paid to chief executive officers
at competitive companies and the base salary initially set for Mr. Belsey in his
employment agreement. The Committee recognized the significant achievements made
during 1996, the second full year Mr. Belsey served as Chairman and Chief
Executive Officer of the Company, including the Company's attainment of a second
consecutive fiscal year of profitable operation. However, based on Mr. Belsey's
request that his salary not be increased until the Company achieved certain
performance goals, Mr. Belsey's salary was not increased during fiscal 1997 for
fiscal 1996 performance."
Mr. Belsey did not receive any options during the year.
The reason I bring this up is for all of you readers to understand the character of the
leadership of Air Methods. Mr. Belsey believes that he will be rewarded when he
improves the shareholder value, so since he has not accomplished that goal, he refused
to increase his salary or take advantage of the low stock price with some cheap options.
When one invests in small company, integrity is an important issue. These boards are
littered with companies that sell a wing and a prayer. And management makes out
whether or not the shareholders see any profit.
I rest easy owning AIRM, knowing that I can trust what management tells me and that
good talent rigorously applied eventually leads to success.
I do not have any other news yet; Earnings will be released on or before May 11, a
week from Monday. Have a nice weekend everyone.
Elliot
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You gotta LOVE this !!!
Amigo Mike |
